Ascend Continues Expansion with Four Transactions in January
FEBRUARY 12, 2024 (Arlington, VA) – Ascend, a strategic partner for regional accounting firms backed by private equity firm Alpine Investors, kicked off 2024 by welcoming the advisory practices of two new partners, HD Davis of Youngstown, OH, and PP&Co of San Jose, CA, into its new-age growth platform. In addition, Ascend’s local footprint in Texas expands with two transactions via its partner firm in San Antonio.
The deals continue Ascend’s rapid growth since its founding in January 2023. Terms were not disclosed.
As is common in private equity deals with CPA firms, both HD Davis and PP&Co adopted an alternative practice structure under which tax, business advisory, and other non-attest services are provided by a newly established entity on the Ascend platform, and attest services are provided by a separate, independently owned and licensed CPA firm.
“Many will know Tim Petrey at HD Davis from his frequent recognition as a leading young entrepreneur in this industry, and others will recognize Ed Davis, Dave Doolin and John Kawamoto, the three Managing Partners at PP&Co, an esteemed firm that has served clients for over 70 years. These leaders have realized that partnering with Ascend not only ensures their firms reach their full potential, it amplifies their potential. These firms have already embraced the community, technology and talent resources we deliver to our independent partners. We can go further together,” said Ascend Founder & CEO David Wurtzbacher.
“We will be working hand in glove with the leadership and staff of both firms as they undergo the process of positive transformation under our growth model. They are poised for a new age of growth and success that overcomes the constricts of the traditional partnership model and opens up exciting strategic opportunities that were simply not available to them previously,” said Nishaad Ruparel (“Nish”), Ascend’s President, who leads the Partnerships team.
Tim Petrey, CEO of both HD Growth Partners, the new tax and advisory entity formed by Ascend, and sister company White Glove Payroll, said, “Ascend’s mission and our mission are perfectly aligned, and the timing could not be better. We've been very progressive in reinvesting in our firm for years, but ultimately our growth would have continued to be limited by our own resources. The partnership with Ascend allows us to maintain our identity and our amazing culture while giving us the resources to build the firm of our dreams and empower our team to build the careers of their dreams. This is a game changer for us.” HD Growth Partners adds 70 professionals, including five partners, to Ascend.
Phuong Mayer, CEO of PPCo Advisors LLC, said, “Ascend is bringing a lot of ideas into the accounting industry that target the pain points firms have lived with for a very long time. I’m energized by how Ascend understands the changing needs of our clients and employees and aims to help us revitalize our industry by addressing those needs. As CEO at PPCo, I will be able to ensure we continue focusing on the two things I’m most passionate about – building strong professional development programs and being at the forefront of digital transformation. I strongly believe that if we take care of our people, they will take care of our clients. There is no better way to grow.” The PPCo team of 102 includes 11 partners.
Texas
ATKG Advisors LLC, Ascend’s San Antonio-based partner firm, completed transactions with two south Texas firms in January. Michalak CPAs & Advisors in Spring Branch bolsters ATKG’s leadership with the addition of two new Partners, Dustin Michalak and Will Holisky. Kowalsky, Rose & Company, P.C. gives ATKG a presence in the Laredo market. They are ATKG’s first corporate transactions since joining the Ascend growth platform in May 2023.
“Both of these firms add great new talent to our exceptional professional team and further enrich our depth of knowledge,” said ATKG CEO Eric Abati.
Since 1982, ATKG has specialized in tax, accounting, and advisory services for a select client base of closely held businesses and family groups, with expertise in many industries such as real estate and construction, oil and gas, restaurants, and professional services.
“Achieving scale thoughtfully opens many new possibilities. Our partners are tapping into the growth capital and transaction support that Ascend provides so they can bring those scale advantages into their firms,” said Wurtzbacher. “I tip my hat to Eric Abati and the entire ATKG team for ushering in 70% growth in less than one year with Ascend. That growth has made our innovative compensation model for young team members possible, and the future is very bright for that team.”
About Ascend
Ascend empowers entrepreneurial CPAs to reach their goals with an innovative growth model that brings their firms into the new age. Backed by private equity from people-focused Alpine Investors, Ascend is building a modern platform for regional accounting firms that enables them to stay independent while accessing the resources of a large CPA firm to help them grow. Ascend provides access to growth capital, robust talent acquisition, best-of-breed technology, a catalytic leadership system, shared back-office services, and modernized equity incentives so that firms can surmount today’s industry challenges and reach their full potential. Founded in January 2023, the company attained revenues sufficient to qualify it as a Top 50 U.S. accounting firm within ten months of operation. For more information, visit ascendtogether.com.
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Contact:
Julie Gross Gelfand
juliegrossgelfand@gmail.com
(516) 729-8067